CFMOTO(SH:603129) Minsheng Securities·2025-04-29 06:40Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is accelerating its electric vehicle development and fundraising for expansion, with plans to invest in a new production base for 3 million sets of motorcycles and electric vehicles in Tongxiang, Zhejiang Province, with a total investment of 3.5 billion RMB [2][3]. - The company is expected to see significant revenue and sales growth in 2024, with the AE4 series achieving top sales during the "618" shopping festival and the AE5i model launching successfully [2]. - The company is expanding its product matrix rapidly, with new high-end motorcycles and all-terrain vehicles contributing to robust growth [3]. Summary by Sections Fundraising and Expansion Plans - The company plans to issue convertible bonds to raise up to 2.5 billion RMB, with net proceeds allocated to various projects including a new production base, marketing network construction, and information system upgrades [1][2]. Revenue and Profit Forecast - The company forecasts revenues of 19.11 billion RMB in 2025, 23.19 billion RMB in 2026, and 27.91 billion RMB in 2027, with corresponding net profits of 1.74 billion RMB, 2.16 billion RMB, and 2.65 billion RMB respectively [4][5]. Product Development and Market Position - The company launched several new motorcycle models, achieving a total sales volume of 287,000 units in 2024, with a revenue of 6.04 billion RMB, reflecting a year-on-year growth of 37.1% [3]. - The all-terrain vehicle segment also showed growth, with sales of 169,000 units and revenue of 7.21 billion RMB in 2024, marking a 10.9% increase [3]. Talent Retention and Incentives - The company introduced a stock option incentive plan for 1,310 core management and technical personnel, aiming to enhance long-term development and performance [4].